Let's start with the source of money, VC: In 22 years, I helped many European project teams find financing, and most of the replies I got at that time were - only invest in public chains and infrastructure. Well, some small VCs may really have few graduates from serious financial majors, so they can only follow the big brother to invest. A deck has more than a dozen people. If the big brother invests, we will invest. If the big brother doesn't invest, we won't invest. As a result, all funds are concentrated on the so-called "high-market-value VC coins" that came later, and some projects that only require very little money to build well died in the bear market because of the broken capital chain.